Senate Finance Committee chairman Orrin Hatch, R-Utah, unveiled the details for a $1.496 trillion next tax cut late Thursday night and stated that he aimed to begin debate Monday and then pass it at the committee level by the end of next week.
"I’m confident that if we continue to allow each chamber the opportunity to work its will, we can easily reconcile our differences, making good on our promise to enact comprehensive tax reform that will lift our nation and increase the standard of living for Americans across the country," Hatch said in a statement.
The Senate measure, which was previewed earlier Thursday but not released until the night, shares the House version's name: The Tax Cuts and Jobs Act.
Rather than being legislative text, the bill, for now, has the form of a 250-plus page detailed summary of its provisions, as is typical for the Senate. It would be converted to legislative text upon passage.
The measure calls for lowering the corporate tax rate to 20 percent and a number of other priorities included in the House bill that advanced at the committee level Thursday but also has some key differences that would have to be worked out.
While the tax cut fits just within the $1.5 trillion limit set by the budget process, it appears to face other issues that could endanger its ability to pass via reconciliation, which would allow the GOP to avoid the Democratic filibuster.
A bill passed via reconciliation cannot add to the deficit beyond the 10th year. But the Tax Cuts and Jobs Act's biggest revenue losses are incurred in the 10th year, when it would lose $217 billion, according to Congress' official scorekeepers. That suggests that it would also lose revenue in the 11th year.
Republican Finance Committee aides acknowledged Thursday that changes would likely have to be made to bring the bill into compliance with the budget rules.